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IPO of Indonesia's Pertamina Hulu Energi not in 2023: Media
The planned initial public offering of Indonesia’s oil and gas company Pertamina Hulu Energi will not happen this year and a new timing will be determined later, according to media reports citing a senior government official.
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Workers are seen on an offshore rig belonging to Pertamina Hulu Energi (PHE) 24 in East Java’s Madura waters on Oct. 12, 2016 (Antara/Zabur Karuru).
Usage: 1 (Antara/Zabur Karuru)
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he planned initial public offering of Indonesia’s oil and gas company Pertamina Hulu Energi will not happen this year and a new timing will be determined later, according to media reports citing a senior government official on Wednesday.
“We will delay (the IPO of) Pertamina Hulu Energi, waiting for the market momentum, because oil prices are falling and we will focus on operational improvements,” Kartika Wirjoatmodjo, deputy minister of state-owned enterprises (SOEs), told reporters according to news website Detik.com.
“Definitely not this year,” he added.
Pertamina Hulu Energi (PHE) is the upstream unit of state-owned energy firm Pertamina. Sources told Reuters in April the company was looking to raise at least 20 trillion rupiah ($1.33 billion) from the IPO.
Officials at the SOE ministry did not immediately respond to a request for confirmation. Pertamina’s spokesperson said the IPO will be decided by the SOE ministry.
Pahala Mansury, at the time deputy SOEs minister, told Reuters on July 14 that PHE may launch an IPO in August or September, before he moved to the post of deputy foreign minister.
Indonesia has emerged as one of the world’s hottest IPO market this year with the listing of companies like copper miner Amman Mineral International, nickel miners Trimegah Bangun Persada and Merdeka Battery Materials.
